Profitable Property Department? - Part 2
Property departments often find themselves at the centre of a law firm providing both cash flow and access to quality clients with the opportunity to cross sell into other departments providing clients with access to the overall legal service offering provided by firms.
BUT… How many firms truly give the property department the focus it needs to ensure it runs efficiently and profitable and maximise the potential that a well-run property department brings?
Fixed fees are standard in most firms and competition tends to control the fees that can be charged for most firms. If firms have seen their fees fall in recent years and profit margins are a concern the time is right to review and adapt how the firm approaches its property work and unlock the full potential of the department.
Property is not an area of law to ‘dabble in’ and without an experienced property lawyer or lawyers, the firm exposes itself to risk but that risk can be minimised, controlled and eradicated. For a property department to be effective and profitable it needs some key ingredients, all of which are easily accessible to most firms and enable firms to generate a successful and thriving property area which, when truly understood, can prove to be extremely valuable to the providing much needed cash flow along with access to new business.
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